Singapore-based investment firm ABC Impact has acquired a 16% stake in AC Health, the healthcare arm of Philippine conglomerate Ayala Corporation, for an undisclosed amount, with legal advice from Milbank and Sidley Austin.
The acquisition marks ABC Impact’s first direct entry into the Philippine healthcare sector and aims to support expansion across AC Health’s core pillars of hospitals, multi-specialty clinics and retail pharmacies through a mix of organic growth initiatives and targeted acquisitions.
Partners Andrew Whan and Paul Pery led Milbank’s legal team advising AC Health, while Sidley Austin acted for ABC Impact, led by partner Alun Evans.
“We advised AC Health on the transaction documents as a whole, including a shareholders’ agreement governing the post-investment relationship with ABC Impact, as well as the terms of future capital commitments and capital calls,” Whan told Asia Business Law Journal.
Pery added the firm provided AC Health with valuable insights into the priorities and strategies of private equity investors, ensuring it was well-prepared to navigate the complexities of this transaction as well as future capital arrangements.
The investment will fund AC Health’s organic growth initiatives and targeted acquisitions. By 2027, it plans to expand its network to at least 10 hospitals, 300 clinics and 1,150 pharmacies.
